PCI Standards for India’s Emerging Digital Payment Modes
The “Digital India” initiative launched in 2015 and “Demonetization campaign” in November 2016 by the Government of India has provided the major boost to the country’s digital ecosystem. Along with initiatives such as “DigiShala”, the government has aimed at building an ecosystem for entailing ‘cashless economy’ in the country. Other initiatives such as the National Optical Fibre Network (NFON) and introduction of Unified Payments Interface ( UPI ), Bharat Interface for Money ( BHIM — internet based mobile application) can help support in faster adoption and transition to digital payments. In fact, India’s digital payment industry , currently worth around USD 200 Billion, is expected to grow five-fold to reach USD 1 Trillion by 2023, as per a report by Swiss financial services holding company, Credit Suisse. The global digital payment market is expected to reach USD 21 Trillion by 2020. With the increase in the digital payments ratio, cybersecurity is one of the most critic...